News In Focus
Brodies' latest results show double digit growth
Brodies has posted further record figures for the financial year to 30 April 2019, with double digit growth.
Revenue at the largest Scottish-headquartered legal firm pushed ahead by 12% to £76.86m, from £68.59m the previous year, while profits before partner distributions rose 14% to £37.40m from £32.86m in 2018.
The year was the first of its latest three-year strategic cycle, and the first full financial year under managing partner, Nick Scott. The firm said it had seen progress in all practice areas – banking and finance, corporate and commercial, litigation, personal and family, and real estate, from Scottish, UK and international clients.
Overall headcount over the year increased by 6%, to 689 from 645. With six internal partner promotions in place for the current year and four lateral hires, the partnership reached 100 for the first time, as of 30 April 2019. In Aberdeen the headcount grew by 16% over the year.
During the year Brodies committed to new premises in Edinburgh, at Capital Square, with occupancy to be taken in 2020.
Cash balances at the year end increased to £21.8m, up from £19.55m.
Mr Scott commented: "While much attention has focused on the Brexit negotiations and the ongoing political upheaval, there has been a better story, much less reported, this year. And that is one of clients – individuals, businesses and organisations – getting on with their own agendas. At Brodies, our response has been to take confidence from the resilience of our clients, and to stick to the task of implementing our own strategic plans.
"In line with those plans the firm continued to invest in its people and infrastructure. The growth in our headcount and partnership shows that we are able to attract excellent lawyers and professionals to our firm."